AI will eliminate 40% of jobs worldwide – IMF

By Majesty 2 Min Read

According to a recent analysis by the International Monetary Fund, artificial intelligence is present in nearly 40.0% of jobs worldwide.

It was stated that while information technology and automation have historically tended to affect routine tasks, one of the things that makes artificial intelligence (AI) unique is its capacity to affect highly skilled jobs.

Hence, compared to emerging markets and developing economies, advanced economies face more risks from AI but also have more opportunity to take advantage of its advantages.

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Employment shares by Al exposure and complement

AI may have an impact on roughly 60% of jobs in developed economies. The productivity of about half of the exposed jobs could be increased by integrating AI.

Half of the workforce may see a reduction in labor demand, which would result in lower wages and fewer jobs being hired, as AI applications take over critical tasks currently completed by humans. In the worst circumstances, some of these positions might vanish.

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In contrast, it is anticipated that AI exposure will be 40% in emerging markets and 26% in low-income nations. These results imply that developing economies and emerging markets will experience less direct disruptions from AI.

However, the report noted that many of these nations lack the infrastructure and trained labor to fully utilize AI, increasing the possibility that the technology will eventually exacerbate international inequality.

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